Bear Market Trader | Premarket Prep GBPNZD - London session
day trade, day trading, forex, trade plan, trading plan, GBP NZD, GBPNZD, premarket prep, pre-market prep, FX,
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Premarket Prep GBPNZD 06262020

Premarket Prep GBPNZD 06262020

This is my pre­mar­ket prep for today’s Euro­pean ses­sion for the Forex pair GBPNZD. This prep builds off of my week­ly trade plan I made here:

The pur­pose of a pre­mar­ket prep is to find setups with­in my week­ly trade plan bias.

Non-con­jec­ture obser­va­tions of the market

  • Dai­ly inside bar fair­ly strong retrac­ing more than half of pre­vi­ous body cre­at­ing D1-C‑S 1.93079 NEW
  • Sup­ply D1-C‑S 1.93079 NEW and demand D1-C‑D 1.92728 very tight
  • H4 Bear Engulf rejec­tion from sup­ply H4-C‑S 1.93551 fol­lowed by messy push lower
  • Mar­ket Profile
    • Yes­ter­day val­ue rota­tion and con­se­quent break below value
    • Cur­rent­ly trad­ing below val­ue but still near

Com­pared against Week­ly Trad­ing Plan

  • Slight­ly below pre­vi­ous week’s body

Sen­ti­ment — Slight­ly Bearish

ZOIs for Pos­si­ble Shorts

  • H4-C‑S 1.93551 NEW
  • D1-C‑S 1.93079 NEW

ZOIs for Pos­si­ble Long

  • D1-C‑D 1.92728

Focus Points for trad­ing development

  • Risk Man­age­ment
    • Only take 2 trades a day but only have 1 active trade on between the assets
    • Trad­ing Priority
      • FX pair out­side value
      • FX pair inside > Gold
      • 2+R prof­it dur­ing LN con­sid­er trad­ing PNYC
    • After 4 los­ing trades reduce TP to 1.5R but after 1R can con­sid­er tak­ing profits

Day trader. Tech geek. Sim Racing Enthusiast.

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